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Earnd
Get access to a portion of your paycheque before payday with Earnd
We’ve all been caught short when unforeseen expenses arise – whether it’s bill shock, urgent car repairs or a medical emergency, but not many of us ever think to prepare for it. A recent study has shown that up to 46% of Australians are living paycheque to paycheque, meaning financial distress is a real concern for many employees. If you’ve ever been tempted to ask your employer for an advance on your pay, apps like Earnd can help make that process a less awkward one and can help you be more in control of your money.
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Details
| Product Name | Earnd |
|---|---|
| Costs | Fees are covered by your employer |
Are you struggling financially?
If you're struggling financially and would like to speak to someone for free financial advice, information and assistance you can call the Financial Counsellors hotline on 1800 007 007 (open from 9:30am to 4pm, Monday to Friday). If you are suffering financial problems related to the coronavirus pandemic you may be eligible for additional support.
⚠️ Warning about Borrowing
Do you really need a loan today?*
It can be expensive to borrow small amounts of money and borrowing may not solve your money problems.
Check your options before you borrow:
- For information about other options for managing bills and debts, ring 1800 007 007 from anywhere in Australia to talk to a free and independent financial counsellor
- Talk to your electricity, gas, phone or water provider to see if you can work out a payment plan
- If you are on government benefits, ask if you can receive an advance from Centrelink: Phone: 13 17 94
The Government's MoneySmart website shows you how small amount loans work and suggests other options that may help you.
* This statement is an Australian Government requirement under the National Consumer Credit Protection Act 2009.
Main points to consider with Earnd
Earnd gives you access to your earned, but previously unpaid, income on-demand. If you access your money early, you need to prepare yourself for the shortfall in the next pay cycle. This isn't a loan, but access to your own money sooner.
Earnd helps you to be in better control of your money. For example, you'll be able to set up direct debits on a particular day rather than scheduling them around payday. Earnd limits the amount you can withdraw (up to 50% of your pay or an amount agreed to by your employer) to support responsible financial behaviour. Your employer must be set up with Earnd in order to access the service. Once you've downloaded the app, you're able to search the list to see if your employer is registered.
Earnd is a relatively new app. It was founded by Australian entrepreneurs Josh Vernon and Serge Kotlyarov in 2018 with a mission to help people avoid unnecessary debt. The company has already partnered with retailer Best&Less, hotel chain Adina and The Adecco Group Australia, which means the employees of these companies can access their pay early through Earnd's mobile app.
Unlike invoice financing solutions, which exclusively cater to B2B business owners, Earnd is accessible to almost anyone in employment (whose employer offers Earnd). And unlike payday loans, which usually charge an establishment fee of 20% of the loan amount, and 4% in monthly fees, Earnd doesn't charge employees anything to access some of their pay early.
Features of Earnd
- Through Earnd's easy-to-use dashboard, you're able to see exactly how much you've made, what days you've worked and how many days until you get paid.
- You can get on top of your finances with the app's budgeting, tracking, planning and saving tools, which will help you learn better saving habits, help you put a plan in place to pay off debt and help you manage your money.
- There's also minimal work for payroll teams since Earnd connects to your employer's payroll system. It does all the heavy lifting when it comes to integration, including offering live chat support Monday to Friday, guidance and video tutorials.
- Earnd can also lead to increased employee happiness. Studies have shown a 19% reduction in employee turnover when an on-demand pay service like Earnd is offered as a work perk.
What to weigh up: The pros and cons of using Earnd
- Fees are covered by your employer
- No interest charges
- No hidden fees
- Payments arrive within minutes (for most Australian banks)
- Limited withdrawal amount
- Your employer needs to offer Earnd in order to use their services
Fees and charges
- Transaction fee. All fees are covered by your employer.
- No interest. This is an interest-free service.
- No ongoing fees. There are no administration fees or monthly fees for using this service.
How do I apply?
Getting started is as simple as downloading the Earnd app from the App Store or Google Play Store and following the instructions to register. If your company has partnered with Earnd, you'll be able to easily sign up and use Earnd's money tools.
If your employer isn't registered, contact the Earnd team and the company will contact your employer on your behalf.
